关于 北京市环球律师事务所上海分所 合富（中国）医疗科技股份有限公司 2025 年第一次临时股东会的 法律意见书 北京市环球律师事务所上海分所 关于合富（中国）医疗科技股份有限公司 2025 年第一次临时股东会的 法律意见书 GLO2025SH（法）字第 11193 号 致：合富（中国）医疗科技股份有限公司 根据合富（中国）医疗科技股份有限公司（"合富中国"或"公司"）的委托， 北京市环球律师事务所上海分所（"本所"）就公司 2025 年第一次临时股东会 （"本次股东会"）所涉及的召集、召开程序、召集人资格和出席会议人员的资 格、本次股东会的提案、表决程序及表决结果等相关问题发表法律意见。本法 律意见书系依据《中华人民共和国公司法》《中华人民共和国证券法》《上市 公司股东会规则》（"《股东会规则》"）及其他相关法律、法规、规章、规范 性文件及《合富（中国）医疗科技股份有限公司章程》（"《公司章程》"）的 相关规定出具。 本所经办律师（"本所律师"）出席并见证了本次股东会，并依照现行有效 的中国法律、法规以及中国证券监督管理委员会（"中国证监会"）相关规章、 规范性文件的要求和规定，对合富中国提供的与题述事宜有 ...

格隆汇11月19日｜合富中国(603122.SH)公告称，公司股票将于2025年11月20日开市起复牌。自10月28 日至11月14日，公司股票连续十四个交易日中有十二个交易日以涨停价收盘，累计涨幅高达256.29%， 远超同期行业及上证指数涨幅。公司主营业务未变但处于亏损状态，2025年第三季度归属上市公司股东 的净利润为-504.79万元。公司最新市盈率343.67倍，显著高于同行业上市公司水平。公司提醒投资者关 注业绩波动及估值偏高风险，理性投资，注意交易风险。 ...

（文章来源：证券日报） 证券日报网讯 11月19日晚间，合富中国发布公告称，自2025年10月28日至2025年11月14日期间，公司 股票连续十四个交易日中有十二个交易日以涨停价收盘，并5次触及股价异常波动、3次触及严重异常波 动情形，期间累计涨幅高达256.29%，已明显高于同期行业及上证指数涨幅。股价短期内连续上涨，存 在市场情绪过热、非理性炒作风险，随时存在快速下跌可能。为维护广大投资者利益，根据相关规定， 经向上海证券交易所申请，本公司股票于2025年11月17日（星期一）开市起停牌，预计停牌时间不超过 3个交易日，公司股票将自披露核查公告后复牌。近期，公司就股票交易异常波动及严重异常波动的相 关事项进行了核查。鉴于相关核查工作已完成，经公司向上海证券交易所申请，公司股票将于2025年11 月20日（星期四）开市起复牌。 ...

Core Viewpoint - The company HeFu China will resume trading on November 20, 2025, after completing a review of its stock trading activities, which had shown significant volatility [2][5]. Group 1: Stock Trading and Resumption - HeFu China announced that its stock will resume trading on November 20, 2025, following a review of abnormal trading activities [2][4]. - The stock experienced a remarkable increase of 256.29% from October 28 to November 14, leading to its suspension [5]. - Prior to the suspension, the stock price was 23.8 yuan per share, with a total market capitalization of 9.5 billion yuan [5]. Group 2: Company Financials and Performance - For the first three quarters of 2025, HeFu China reported a revenue of 549 million yuan, a decrease of 22.8% year-on-year, and a net loss of 12 million yuan, marking a shift from profit to loss [10]. - The decline in revenue and profit is attributed to changes in the domestic macroeconomic environment and price reductions due to centralized procurement policies in the medical industry [10]. Group 3: Market Sentiment and Risks - The company indicated that there are no undisclosed significant matters affecting stock price fluctuations, and no major changes in its core business, which remains in a loss position [8]. - HeFu China cautioned that the current stock price reflects a significant bubble, with its price-to-earnings ratio notably higher than that of industry peers [8]. - The stock's recent price surge is seen as driven by market sentiment and speculative trading, raising concerns about irrational exuberance [12].

Core Viewpoint - The stock of HeFu China (603122) will resume trading on November 20, 2025, after a halt due to unusual trading activity, with the company confirming no undisclosed significant events affecting stock price [1][3]. Group 1: Stock Performance - HeFu China experienced a remarkable stock performance, achieving a cumulative increase of 256.29% from October 28 to November 14, 2025, with a closing price of 23.8 yuan per share and a total market capitalization of 9.5 billion yuan [3]. - The company noted that its current price-to-earnings ratio is significantly higher than that of its industry peers, indicating a bubble-like characteristic in its stock price [4]. Group 2: Financial Performance - For the first three quarters of 2025, HeFu China reported revenue of 549 million yuan, a year-on-year decline of 22.8%, and a net loss of 12 million yuan, marking a shift from profit to loss [6]. - The decline in revenue and profit is attributed to changes in the domestic macroeconomic environment and price reductions due to centralized procurement policies in the medical industry [7]. Group 3: Business Operations - HeFu China is the only dual-listed medical enterprise across the Taiwan Strait, focusing on AI-assisted clinical diagnosis systems, remote medical services, and hospital management [5]. - The company confirmed that its main business has not undergone significant changes and remains in a loss-making state, warning of potential risks associated with irrational market speculation [3][4]. Group 4: Market Sentiment - The stock's recent surge has been partly driven by speculative trading behavior, with other stocks experiencing similar trends due to favorable name associations [9]. - The market is closely watching the stock's performance post-resumption, especially in light of recent downturns in related stocks [9].

Core Viewpoint - The article discusses the upcoming resumption of trading for the stock of HeFu China, which has experienced significant price volatility and a substantial increase in stock price over a short period, raising concerns about market speculation and potential risks associated with its valuation [2][5][10]. Group 1: Stock Resumption and Trading Details - HeFu China will resume trading on November 20, 2025, after completing a review of its stock trading activities [2][3]. - The stock has seen a remarkable increase of 256.29% from October 28 to November 14, with a closing price of 23.8 yuan per share and a total market capitalization of 9.5 billion yuan before the suspension [5]. Group 2: Company Performance and Financials - For the first three quarters of 2025, HeFu China reported a revenue of 549 million yuan, a year-on-year decline of 22.8%, and a net loss of 12 million yuan, indicating a shift from profit to loss [10]. - The decline in revenue and profit is attributed to changes in the domestic macroeconomic environment and price reductions due to centralized procurement policies in the medical industry [10]. Group 3: Market Sentiment and Risks - HeFu China has indicated that there are no undisclosed significant matters affecting its stock price, but it acknowledges that the current stock price reflects a bubble, significantly deviating from the company's fundamentals [4][7]. - The company warns of potential risks associated with irrational market speculation, as its stock price has been influenced by market sentiment rather than underlying business performance [7][13].

编辑 ｜ 钉钉 11月19日晚间，合富中国公告称，公司股票将于2025年11月20日开市起复牌。自10月28日至11月14日， 公司股票连续十四个交易日中有十二个交易日以涨停价收盘，累计涨幅高达256.29%，远超同期行业及 上证指数涨幅。 | 证券代码 | 证券简称 | 停复牌类型 | 停牌起 | 停牌 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | | | | 始日 | 期间 | | | | 603122 | 合富中国 | A 股 复牌 | | | 2025/11/19 | 2025/11/20 | 公告称，公司主营业务未变但处于亏损状态，2025年第三季度归属上市公司股东的净利润为-50 4.8万 元。公司最 新市盈率343.67倍，显著高于同行业上市公司 水平。公司提醒投资者关注业绩波动及估值 偏高风险，理性投资，注意交易风险。 合富中国 11月17日开市起停牌， 此前走出14天12板。 ...

11月19日晚间，合富中国公告称，公司股票将于2025年11月20日开市起复牌。自10月28日至11月14日，公司股票连续十四个交易日中有十二个交易 日以涨停价收盘，累计涨幅高达256.29%，远超同期行业及上证指数涨幅。 | 证券代码 | 证券简称 | 停复牌类型 | 停牌起 | 停牌 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | | | | 始日 | 期间 | | | | 603122 | 合富中国 | A 股 复牌 | | | 2025/11/19 | 2025/11/20 | 编辑 ｜ 钉钉 公告称，公司主营业务未变但处于亏损状态，2025年第三季度归属上市公司股东的净利润为-50 4.8万元。公司最 新市盈率343.67倍，显著高于同行 业上市公司 水平。公司提醒投资者关注业绩波动及估值偏高风险，理性投资，注意交易风险。 合富中国 11月17日开市起停牌， 此前走出14天12板。 ...

Core Viewpoint - The stock of HeFu China (603122) will resume trading on November 20 after a suspension for verification of stock trading due to significant price fluctuations and abnormal trading activities [2] Summary by Relevant Sections Stock Performance - From October 28 to November 14, HeFu China's stock experienced a cumulative increase of 256.29%, with 12 out of 14 trading days closing at the daily limit price [2] - The stock has encountered five instances of abnormal price fluctuations and three instances of severe abnormal fluctuations during this period [2] Company Operations - HeFu China confirmed that its daily operations are normal and that there have been no significant changes in its internal or external operating environment [2] - The company's board of directors stated that there are no undisclosed matters that should have been disclosed according to the Shanghai Stock Exchange's listing rules, nor are there any ongoing negotiations or agreements that could significantly impact the stock price [2]

关于股票交易停牌核查结果暨复牌的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 证券停复牌情况：适用 因披露股票交易停牌核查结果,本公司的相关证券复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | | 停牌起 | 停牌 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 始日 | 期间 | | | | 603122 | 合富中国 | A 股 | 复牌 | | | 2025/11/19 | 2025/11/20 | 证券代码：603122 证券简称：合富中国 公告编号：临 2025-058 合富（中国）医疗科技股份有限公司 根据《上海证券交易所上市公司自律监管指引第 4 号——停复牌》《上海证 券交易所股票上市规则》等相关规定，经向上海证券交易所申请，合富（中国） 医疗科技股份有限公司（以下简称"公司"）股票将于 2025 年 11 月 20 日（星期 四）开市起复牌。 自 2025 年 10 月 ...